Earlier this month, mortgage rates reached the lowest average seen since November of 2016. This trend has pushed a higher demand from buyers in the housing market. According to George Ratiu. REALTOR.com’s Senior economist: “July’s data highlight tension in the housing markets between buyers eager to take advantage of lower mortgage rates and potential sellers concerned about slowing price growth, furthermore, “The decline in newly listed properties suggests that some would-be sellers are stepping back from the market, during the peak buying season, when most people are searching for their next home.”
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According to REALTOR.com reports from July saw a flat inventory growth which researchers say could bring about low inventory issues sooner than previously projected. New listings have been 7% lower this July compared to a year ago. The national median home price in July was $315,000, up 5.5% from a year ago but down from last year’s annual growth of 8.7%. Also, home prices in July were down 0.2% from June, which marks the earliest seasonal slowdown in home prices since 2012. The median number of days on market in July was 58, the same as a year ago. Buyers will face more competition for entry-level homes. Homes priced below $200,000 spent just 56 days on the market, compared to properties priced over $750,000, which averaged 81 days on the market, according to realtor.com® data.
Still, many young adults are finding some success entering the market. The share of millennial mortgage originations rose to 46% from 43% last year. The median home purchased by millennials was $248,000, up 5% year over year. That is also a bigger home price increase than Generation X or baby boomers faced.
What does this mean for the Real Estate industry and for you as a Real Estate Entrepreneur? As we have been discussing in previous blogs and webinars with different industry experts over the past months, this shifting market requires a shift in strategy. Of course, different states are affected in different ways and some in alternative housing markets may not even feel the pinch at all. But for everyone else, assessing your business plan and searching for creative ways to generate business is imperative and may be essential to ensure that your business continues to thrive.
Outsourcing to a Virtual Assistant may be a solution for you. Make sure to schedule your Double My Business strategy session today, so out industry experts can have an in-depth discussion with you about your business plan and create a strategy where a Virtual assistant can bring you the leverage you need to thrive no matter what the Real Estate market is going through.
Remember: take a moment to schedule your Double My Business Strategy Session today!